Something problematic they find that was undisclosed on your application (not saying you'd do this, just giving an example), title issues, entity issues, issues with the appraisal even if the value is acceptable...you can either bite the bullet and pay for the appraisal, don't move forward with the loan, or try and find a HML/PML willing to lend to you without an appraisal. 

Otherwise get a glass or plexiglass cover made for the top because not everyone will use coasters.

Also, if you have cash to complete the purchase, you can get preapproved and then make an offer with proof of funds and without a financing contingency with a standard 30 days to close.

No, just inform them you are the new owner (they may want proof) and provide them with the address to send payments. 

Jordan,The burden of proof will be on you (your attorney) if you sue your neighbor.

Obtaining valid ID and proof of income isn’t hard; for buyer prospects, swap proof of income for a pre-approval letter and/or proof of funds.

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Should I just bite the bullet and hire a bookkeeper? 

2) Time spent by others: to qualify for the test "100 hours and nobody spent more time", how do we track the time spent by others and what proof would be required in the event of an audit?